Once Again, Tim Geithner Gets It Exactly Wrong

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

By John Tamny of RealClearMarkets

The Dow Jones Industrial Average rallied 6 percent on Monday after the announcement of Treasury secretary Tim Geithner’s latest bank relief plan. The stock surge might point to significant positives within his initiative, but then going back to the fall, shares have regularly rallied on the news of government help, only to decline once the harsher realities of government aid set in.

Indeed, stocks rallied for weeks in 1971 after President Nixon announced the dollar’s de-link from gold, combined with price controls, but eventually markets caught up to the major economic negatives that would result from Nixon’s flawed attempts to revitalize the U.S. economy. It seems the same applies here

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Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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